The primary market is set see heavy action in the coming week of February 23–27, as four companies are set to launch their mainboard IPOs during the period. Meanwhile, the small and medium enterprise (SME) segment will also see four SME IPOs opening for subscription. Further, two more SME companies will make their stock market debut during the week.
The primary market has been relatively subdued so far in 2026 when compared with previous years’ actions, as only a handful of companies have so far launched their IPOs this year.
In January, three companies — Bharat Coking Coal Ltd, Amagi Media Labs, and Shadowfax Technologies — made their market debut. Together, these offerings raised Rs 4,764.67 crore.
In February, so far, markets saw Fractal Analytics IPO raising Rs 2,840.16 crore, and Aye Finance IPO mobilising Rs 1,010 crore.
Upcoming IPOs Next Week
Here is a look at the key primary market activity lined up for the week of February 23–27.
Gaudium IVF IPO
Gaudium IVF and Women Health's IPO will open on February 20, 2026, and close on February 24. The company seeks to raise Rs 165 crore through a mix of fresh issue of 11.39 million shares worth Rs 90 crore and offer for sale of 9.49 million shares aggregating to Rs 75 crore.
The price band has been fixed at Rs 75–79 per share and investors can place their bids in lot size of 189 equity shares. At the upper price band, retail investors will need to commit a minimum of Rs 14,931 to bid for one lot.
The basis of allotment is expected to be finalised on February 25, and shares are scheduled to list on both the BSE and the NSE on February 27.
Sarthi Capital Advisors is the book running lead manager and Bigshare Services is acting as the registrar.
The fertility services provider plans to use the net proceeds from the fresh issue to fund capital expenditure for setting up new IVF centres. The company will also use a portion of the proceeds to repay or prepay certain outstanding borrowings, and the remaining funds will be allocated for general corporate purposes.
Shree Ram Twistex IPO
Shree Ram Twistex's IPO will open on February 23, and close on February 25. The company seeks to raise Rs 110.24 crore through entirely a fresh issue of 10.60 million shares.
The price band has been fixed at Rs 95-104 per share and investors can place their bids in lot size of 144 equity shares. At the upper price band, retail investors will need to invest Rs 14,976 to bid for one lot.
The allotment of shares is expected to be finalised on February 26, and shares are set to list on both the BSE and the NSE on March 2.
Interactive Financial Services is the book running lead manager and Bigshare Services is the registrar.
The manufacturer of cotton yarns plans to use the net proceeds primarily for setting up solar and wind power plants, for funding working capital requirements of the company, and for re-payment or pre-payment of its borrowing.
Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions' IPO will open on February 23, and close on February 25. The company seeks to raise Rs 3,100 crore through a combination of fresh issue of 11.39 million shares worth Rs 1,200 crore, and an offer for sale of 18.04 million shares aggregating to Rs 1,900 crore. Clean Max Enviro's IPO is so far the largest public issue this year.
The price band has been fixed at Rs 1000-1053 per share and investors can place their bids in lot size of 14 equity shares. At the upper price band, retail investors will need to invest Rs 14,742 to bid for one lot.
The allotment of shares is expected to be finalised on February 26, and shares are set to list on both the stock exchanges on March 2.
Axis Capital, JP Morgan India, HSBC Securities, IIFL Capital Services, Nomura Financial Advisory and Securities, BOB Capital Markets, and SBI Capital Markets are the book running lead manager and MUFG Intime India is the registrar.
The renewable energy provider plans to use the Rs 1,200 crore net proceeds from fresh issue primarily for re-payment or pre-payment of its and its subsidiaries' borrowings. The remaining amount will be used for general corporate purposes.
PNGS Reva Diamond Jewellery IPO
PNGS Reva Diamond Jewellery's IPO will open on February 24, and close on February 26. The company seeks to raise Rs 380 crore through entirely a fresh issue of 9.84 million shares.
The price band has been fixed at Rs 367-386 per share and investors can place their bids in lot size of 32 equity shares. At the upper price band, retail investors are required to invest Rs 12,352 to bid for one lot.
The allotment of shares is expected to be finalised on February 27, and shares are set to list on both the stock exchanges on March 4.
Smart Horizon Capital Advisors is the book running lead manager and Bigshare Services is acting as the registrar.
The jewellery seller plans to use the net proceeds for setting up 15 new stores, marketing and promotion expenses, and the remaining amount for general corporate purposes.
This is a developing story... Stay tuned
